Jung Yeon-Je | AFP | Getty Images
Protesters hold up banners calling for the resignation of South Korea's President Park Geun-Hye during an anti-government rally in central Seoul on November 19, 2016.
In the latest chapter of President Park Geun-hye's corruption scandal, the nation's two major opposition parties announced on Monday that they will begin amassing signatures to remove the president from office and review procedures for the impeachment process.
For nearly a month now, President Park has been under pressure for allowing a close friend, Choi Soon-Sil, to interfere in state affairs. Choi, 60, is also accused of embezzlement, forcing conglomerates to make massive donations to nonprofits, and getting preferential treatment from banks for loans.
Monday's impeachment news comes a day after local prosecutors said the president acted as a criminal accomplice in Choi's extortion.
Massive protests have gripped the country and despite Park's attempts at mitigating the crisis, including a cabinet reshuffle, she may have no other choice except to quit. "There's a 70 percent probability the president will resign, with Prime Minister Hwang Kyo-ahn assuming her duties until a new president is chosen in an election held within 60 days of Park's resignation," according to Eurasia.
But whether she quits or is impeached, strategists widely believe the crisis will create a political power vacuum and potentially paralyze the government for months to come.